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I got this email from a REO (bank owned properties) “specialist”:

south pasadena burnt down house

3756 Locke Ave, Los Angeles, CA 90032
Fire damaged house, lot value, located in El Sereno.  Centrally located near South Pasadena, close to the 5, 10, 710, and 110 freeways.   *Asking Price:  $99,500

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Yeap. That’s right. A US government agency.

Ok, this document is  not totally unbiased because it was published by the National Multi-Housing Council (i.e. gov’t association that regulates apartments), so I’m certain landlords having more tenants is beneficial to them as well, but the math/logic is sound.

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